Can You Trade In a Financed Car?

Absolutely! However, trading in your vehicle does not mean that your loan disappears. You still have to pay off the balance. If you plan on trading in a vehicle but you are still making payments on that car, be sure to get familiar with the process of trading in your financed vehicle before you make a deal with Weir Canyon Acura near Costa Mesa. If you are unsure about the car financing process, don’t worry, because our finance experts would be glad to answer any questions that you may have.

How Does Trading In a Financed Car Work?

If what you still have to pay on the loan is less than what the car is actually worth, the dealer buying your vehicle will give you enough to pay the rest of the loan off. For example, if there is still $7,000 owed on your vehicle, and the dealer offers you $8,000 for it, the loan can be paid off and the dealership will then take the car. The $1,000 that is left over will be taken off the price of the new car that you buy.

What Does “Rolling Over” A Loan Mean?

Rolling over a loan is when a dealership offers to pay off your previous car regardless of the amount still owed on the loan. Keep in mind that the price will be added to your new loan on the next car you buy. You will end up paying the dealership back for the loan on your old car as you pay back the loan on the new car that you chose.

Find Affordable Auto Financing at Weir Canyon Acura

When you’re ready to trade in a financed car for lease or get behind the wheel of a new Acura, look no further than the extensive inventory of new Acura vehicles at Weir Canyon Acura near Tustin. We know that the car financing process can seem a bit overwhelming. That is why our finance experts are with you every step of the way or offer other features like how to calculate a car loan interest rate, how financing works, how to sell us your car, or good mileage for a used car. We strive to make car shopping hassle-free from start to finish. You can even learn more about fun things to do in RiversideContact us if you have any questions, or stop by our Anaheim dealership today.

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